Ford Sollers opened a new $275 million engine manufacturing plant in Russia. The purpose is to cut down on the number of imported components for Russian built automobiles. Ford is trying to spend 60 % of the total cost per vehicle within the country by 2020 to qualify for discounts on certain import duties on parts. The new plant, in the republic of Tatarstan, has the capacity to produce up to 105,000 engines a year, with the possibility of expansion to up to 200,000.
Ford (long hold): [stock_quote symbol=”f” show=”” zero=”” minus=”” plus=”” nolink=”” class=””]